The Revenue LinesNarrow moat

Morgan Stanley (MS) — moat facet

Morgan Stanley's investment bank and wealth business are now the same size, and the wealth half is the one that does not shrink.

Morgan Stanley reports three segments, and in 2025 two of them were almost the same size. Institutional Securities earned net revenues of $33,080 million, Wealth Management $31,754 million and Investment Management $6,525 million1.

Segment net revenues, 2025 ($M)Institutional Securities 33,080 — 46%Wealth Management 31,754 — 44%Investment Management 6,525 — 9%Morgan Stanley Form 10-K FY2025; before intersegment eliminations of 714
The investment bank and the wealth business are now nearly equal.

The segments sell to each other, so their revenues do not add to the firm total. Intersegment eliminations were $714 million in 2025 and $600 million in 20242; the three segments add to $71,359 million against firm net revenues of $70,645 million34. The chart in this app draws the three segments for 2015 to 2025, each year as reported, and the eliminations, between about $0.2 billion and $0.7 billion a year5, are stated in its caption rather than drawn.

The mix has moved. Wealth and Investment Management were about 49% of segment revenue in 2015 and about 54% in 20256; in 2023, a weak year for trading, they reached about 58%7.

Profit follows the same pattern. In 2025 Institutional Securities earned about 51% of the firm's pre-tax income, Wealth Management about 42% and Investment Management about 7%8. Pre-tax margins were 34%, 29% and 23%9.

Net income by segment tells the same story in dollars. Institutional Securities earned $8,650 million in 2025, Wealth Management $7,130 million and Investment Management $1,122 million10. Two years earlier the order was reversed at the top: Wealth Management earned $5,022 million and Institutional Securities $3,453 million11. The firm's profit leader changes with the market; its steadiest earner does not.

Margins moved together through the cycle. Pre-tax margins were 19% in Institutional Securities, 25% in Wealth Management and 16% in Investment Management in 2023, and 34%, 29% and 23% in 202512. In the second quarter of 2026 Institutional Securities was about 51% of segment revenue13, above its full-year 2025 share, because trading had the stronger quarter.

One ratio sums up the mix: Institutional Securities' share of segment revenue. It was about 46% in 202514; a share rising above half in a strong market would mean the firm was leaning on its cyclical line again.

Moat trajectory: Widening

Wealth and IM share of segment revenue ~49% (2015) to ~54% (2025).

The number that tests this moat
Moat Explorer calc
Institutional Securities share of segment revenue
About 46% (2025: $33,080M of $71,359M)

Reliance on the cyclical line; a share above half in a strong market would mean the firm leaned on trading again.

How it's calculated: Institutional Securities net revenues divided by the sum of the three segments before intersegment eliminations, FY2025 10-K.
Source: Moat Explorer calculation from Morgan Stanley filings ↗
Dig deeper
DIG DEEPER 01
Institutional Securities
Morgan Stanley's investment bank earns 34% pre-tax in a good year and 19% in a bad one, and it is currently having a very good year.
DIG DEEPER 02
Wealth Management
Morgan Stanley's wealth business has grown every year of the past decade and now earns 30 cents pre-tax on every dollar.
DIG DEEPER 03
Investment Management
Morgan Stanley bought Eaton Vance for $8.7 billion and its fund business still makes less pre-tax profit than it did in 2021.
References
  1. ReportedInstitutional Securities earned net revenues of $33,080 million, Wealth Management $31,754 million and Investment Management $6,525 million.
    Morgan Stanley Form 10-K for fiscal 2025 - segment results, revenue lines and regional net revenues. — FY2025 · publ. 19 February 2026 · source ↗
  2. ReportedIntersegment eliminations were $714 million in 2025 and $600 million in 2024; the three segments add to $71,359 million against firm net revenues of $70,645 million.
    Morgan Stanley fourth-quarter 2025 financial supplement, Form 8-K exhibit 99.2 - non-interest expenses, intersegment eliminations and headcount. — FY2025 · publ. 15 January 2026 · source ↗
  3. Moat Explorer calcIntersegment eliminations were $714 million in 2025 and $600 million in 2024; the three segments add to $71,359 million against firm net revenues of $70,645 million.
    Moat Explorer calculation from Morgan Stanley's reported figures ($ millions unless stated). Wealth Management: asset management revenue share 18,627 / 31,754 = 58.7%; net interest income share 7,911 / 31,754 = 24.9%. Client assets change 2025: 7,381 - 6,194 = 1,187 billion; net new assets 356.3 / 1,187 = 30%, so market and other changes 830.7 billion, about 70%. Fee-based share of advisor-led assets 2,347 / 4,758 = 49.3% (2024); 2,753 / 5,715 = 48.2% (2025); 3,022 / 6,273 = 48.2% (June 2026). Transactional revenue 2,473 / 4,259 - 1 = -42% (2022). Wealth Management pre-tax margins: 2015 3,332 / 15,100 = 22.1%; 2020 4,387 / 19,086 = 23.0%; 2021 6,181 / 24,243 = 25.5%; 2022 6,583 / 24,417 = 27.0%; 2023 6,530 / 26,268 = 24.9%; 2024 7,740 / 28,420 = 27.2%; 2025 9,293 / 31,754 = 29.3%. Wealth Management revenue growth (31,754 / 15,100)^(1/10) - 1 = 7.7% a year. Self-directed assets 1,667 / 1,437 - 1 = 16%; households 8.5 / 8.3 - 1 = 2.4%; daily average revenue trades 1,029 / 837 - 1 = 23% (2025) and 1,278 / 1,029 - 1 = 24% (Q2 2026); 1,278 / 759 = 1.68 since 2023. Wealth Management bank loans 181 / 146 - 1 = 24% (2022-2025). Balance sheet 2025: loans 289,038 / 246,814 - 1 = 17.1%; deposits 415,523 / 376,007 - 1 = 10.5%; borrowings 348,935 / 288,819 - 1 = 20.8%. Firm loans June 2026 315,653 / 289,038 - 1 = 9.2%; 315,653 / 246,814 - 1 = 28% since end-2024. Uninsured deposits 84,201 / 415,523 = 20.3%. Net new assets Q2 2026 excluding IPO-related inflows: just over half of 148.1 billion was IPO-related, so the rest is below 148.1 / 2 = 74.05 billion. Segments: sum of segment net revenues 2025 33,080 + 31,754 + 6,525 = 71,359, less firm net revenues 70,645 = 714 of eliminations; eliminations as reported each year 2015 213, 2016 290, 2017 290, 2018 463, 2019 467, 2020 539, 2021 541, 2022 517, 2023 555, 2024 600, 2025 714. Wealth and Investment Management share of segment revenue: 2015 (15,100 + 2,315) / 35,368 = 49.2%; 2023 (26,268 + 5,370) / 54,698 = 57.8%; 2025 (31,754 + 6,525) / 71,359 = 53.6%. Institutional Securities share of segment revenue 2025 33,080 / 71,359 = 46.4%. Share of firm pre-tax income 2025: Institutional Securities 11,237 / 21,954 = 51.2%; Wealth Management 9,293 / 21,954 = 42.3%; Investment Management 1,478 / 21,954 = 6.7%. Share of segment pre-tax income: 2021 Institutional Securities 11,814 / (11,814 + 6,181 + 1,678) = 11,814 / 19,673 = 60.1%; 2023 4,476 / 11,848 = 37.8%, Wealth and Investment Management 6,530 + 842 = 7,372 = 62.2%; 2025 Institutional Securities 11,237 / 22,008 = 51.1%, Wealth and Investment Management 10,771 / 22,008 = 48.9%; 2015 Wealth and Investment Management (3,332 + 492) / 8,495 = 45.0%. Q2 2026 Institutional Securities 4,262 / 7,348 = 58.0%; revenue 11,040 / 7,643 - 1 = 44%. Institutional Securities pre-tax margins: 2015 4,671 / 17,953 = 26.0%; 2021 11,814 / 29,833 = 39.6%; 2022 6,715 / 24,393 = 27.5%; 2023 4,476 / 23,060 = 19.4%; 2024 8,749 / 28,080 = 31.2%; 2025 11,237 / 33,080 = 34.0%; growth (33,080 / 17,953)^(1/10) - 1 = 6.3% a year. Equity 15,631 / 9,986 - 1 = 57% (2023-2025); 15,631 / 12,230 - 1 = 27.8% (2025); 15,631 / 70,645 = 22.1% of firm; 15,631 / 33,080 = 47.3% of segment. Fixed income 8,716 / 8,418 - 1 = 3.5%; 8,716 / 33,080 = 26.3% of segment. Equity underwriting 851 / 4,437 - 1 = -81% (2022). Investment Management margins: 2021 1,678 / 6,220 = 27.0%; 2023 842 / 5,370 = 15.7%; 2025 1,478 / 6,525 = 22.7%; fees 6,068 / 5,231 - 1 = 16% (2023-2025); Parametric 524 / 336 - 1 = 56%. Regions: Asia 9,420 / 6,434 - 1 = 46%; Asia 9,420 / 70,645 = 13.3% (2025); 6,434 / 54,143 = 11.9% (2023); Americas 52,897 / 70,645 = 74.9% (2025); Q2 2026 Americas 15,046 / 21,348 = 70.5%, Asia 3,930 / 21,348 = 18.4%. Capital and valuation: CET1 excess 14.8% - 11.8% = 3.0 points (June 2026). Goodwill and intangibles 16,726 + 6,010 = 22,736. Acquisitions 11.9 + 8.7 = 20.6 billion. Compensation 29,216 / 48,342 = 60.4% of non-interest expenses; 29,216 / 26,178 - 1 = 11.6%. Dividends per share 3.85 / 0.55 = 7.0 times. Payout 2025 (6,147 + 4,585) / 16,249 = 66%. Buyback price 197.64 / 85.35 = 2.3 times. Total assets 1,675,057 / 1,215,071 - 1 = 37.9% (end-2024 to June 2026); common equity 106,579 / 94,761 - 1 = 12.5%. MUFG stake 380,010,887 shares x $196.31 = about $74.6 billion. Trailing twelve months to June 2026: net revenues 70,645 - 34,531 + 41,928 = 78,042; net income 16,861 - 7,854 + 11,148 = 20,155; diluted EPS 10.21 - 4.73 + 6.90 = 12.38. P/E = market value / net income: 2023 153.05 / 9.087 = 16.8; 2024 202.54 / 13.390 = 15.1; 2025 282.15 / 16.861 = 16.7; September 2026 308.32 / 20.155 = 15.3; price to sales 308.32 / 78.042 = 3.95. Revenue growth (70,645 / 35,155)^(1/10) - 1 = 7.2% a year. Wealth Management 2025: revenue 31,754 / 28,420 - 1 = 11.7%, pre-tax income 9,293 / 7,740 - 1 = 20.1%; bank loans 181 / 160 - 1 = 13.1%, deposits 408 / 370 - 1 = 10.3%; stock plan unvested 658 / 534 - 1 = 23% (six months). Investment banking 7,619 / 10,272 - 1 = -26% (2025 vs 2021). Tangible book value per share 50.00 / 44.57 - 1 = 12.2%. Non-compensation expenses 19,126 / 17,723 - 1 = 7.9%; net revenues 70,645 / 61,761 - 1 = 14.4%. Revenue per employee 70,645 / 83,000 = about 0.85 million. Vanguard, BlackRock and State Street 6.9% + 5.7% + 7.2% = 19.8% of the stock. Diluted EPS growth (10.21 / 2.90)^(1/10) - 1 = 13.4% a year. Q2 2026 Institutional Securities share of segment revenue 11,040 / (11,040 + 8,856 + 1,646) = 11,040 / 21,542 = 51.2%. First half 2026: Institutional Securities pre-tax income 8,423 / 5,392 - 1 = 56%, share of firm pre-tax income 8,423 / 14,359 = 58.7% (H1 2025 5,392 / 10,166 = 53.0%); Wealth Management pre-tax income 5,288 / 4,151 - 1 = 27%. Q2 2026 Wealth Management revenue 8,856 / 7,764 - 1 = 14%; asset management revenue 5,261 / 4,411 - 1 = 19%; firm revenue 21,348 / 16,792 - 1 = 27%; headcount 82,944 / 80,393 - 1 = 3.2%. Investment Management pre-tax income (1,478 - 870) / 8,700 = 7.0% of the Eaton Vance price. Net income 16,861 / 6,127 - 1 = 175%; shareholders equity 111,632 / 75,182 - 1 = 48%. Self-directed plus stock plan unvested assets June 2026 1,811 + 658 = 2,469 billion. Average diluted shares 1,592 / 1,646 - 1 = -3.3%. Total client assets 9,276 / 7,860 - 1 = 18%. Market value 308.32 / 153.05 = 2.0 times (end-2023 to September 2026). 2023 charges 249 + 353 + 293 = 895. Net income 9,087 / 15,034 - 1 = -40% (2021-2023). Borrowings 348,935 / 288,819 - 1 = 21%. Loans to deposits 289,038 / 415,523 = 70%. Compensation 29,216 / 70,645 = 41% of net revenues (2025). Net new assets 2025 quarterly average 356.3 / 4 = 89.1 billion. Forecast extrapolation: 2026 revenue 41,928 x 2 = 83,856; 2026 EPS 196.31 / 15.14 = 12.97; 2027 83.9 x 1.072 = 89.9 and 12.97 x 1.072 = 13.90; 2028 96.4 and 14.90 - segment and regional shares, margins and growth. — 2015-2026 · publ. September 2026 · source ↗
    Method: Arithmetic on figures reported in Morgan Stanley's Forms 10-K and 10-Q, earnings releases and financial supplements, the 2026 proxy statement and market data; operands shown in the source line.
  4. ReportedIntersegment eliminations were $714 million in 2025 and $600 million in 2024; the three segments add to $71,359 million against firm net revenues of $70,645 million.
    Morgan Stanley Form 10-K for fiscal 2025 - segment results, revenue lines and regional net revenues. — FY2025 · publ. 19 February 2026 · source ↗
  5. Moat Explorer calcThe chart in this app draws the three segments for 2015 to 2025, each year as reported, and the eliminations, between about $0.2 billion and $0.7 billion a year, are stated in its caption rather than drawn.
    Moat Explorer calculation from Morgan Stanley's reported figures ($ millions unless stated). Wealth Management: asset management revenue share 18,627 / 31,754 = 58.7%; net interest income share 7,911 / 31,754 = 24.9%. Client assets change 2025: 7,381 - 6,194 = 1,187 billion; net new assets 356.3 / 1,187 = 30%, so market and other changes 830.7 billion, about 70%. Fee-based share of advisor-led assets 2,347 / 4,758 = 49.3% (2024); 2,753 / 5,715 = 48.2% (2025); 3,022 / 6,273 = 48.2% (June 2026). Transactional revenue 2,473 / 4,259 - 1 = -42% (2022). Wealth Management pre-tax margins: 2015 3,332 / 15,100 = 22.1%; 2020 4,387 / 19,086 = 23.0%; 2021 6,181 / 24,243 = 25.5%; 2022 6,583 / 24,417 = 27.0%; 2023 6,530 / 26,268 = 24.9%; 2024 7,740 / 28,420 = 27.2%; 2025 9,293 / 31,754 = 29.3%. Wealth Management revenue growth (31,754 / 15,100)^(1/10) - 1 = 7.7% a year. Self-directed assets 1,667 / 1,437 - 1 = 16%; households 8.5 / 8.3 - 1 = 2.4%; daily average revenue trades 1,029 / 837 - 1 = 23% (2025) and 1,278 / 1,029 - 1 = 24% (Q2 2026); 1,278 / 759 = 1.68 since 2023. Wealth Management bank loans 181 / 146 - 1 = 24% (2022-2025). Balance sheet 2025: loans 289,038 / 246,814 - 1 = 17.1%; deposits 415,523 / 376,007 - 1 = 10.5%; borrowings 348,935 / 288,819 - 1 = 20.8%. Firm loans June 2026 315,653 / 289,038 - 1 = 9.2%; 315,653 / 246,814 - 1 = 28% since end-2024. Uninsured deposits 84,201 / 415,523 = 20.3%. Net new assets Q2 2026 excluding IPO-related inflows: just over half of 148.1 billion was IPO-related, so the rest is below 148.1 / 2 = 74.05 billion. Segments: sum of segment net revenues 2025 33,080 + 31,754 + 6,525 = 71,359, less firm net revenues 70,645 = 714 of eliminations; eliminations as reported each year 2015 213, 2016 290, 2017 290, 2018 463, 2019 467, 2020 539, 2021 541, 2022 517, 2023 555, 2024 600, 2025 714. Wealth and Investment Management share of segment revenue: 2015 (15,100 + 2,315) / 35,368 = 49.2%; 2023 (26,268 + 5,370) / 54,698 = 57.8%; 2025 (31,754 + 6,525) / 71,359 = 53.6%. Institutional Securities share of segment revenue 2025 33,080 / 71,359 = 46.4%. Share of firm pre-tax income 2025: Institutional Securities 11,237 / 21,954 = 51.2%; Wealth Management 9,293 / 21,954 = 42.3%; Investment Management 1,478 / 21,954 = 6.7%. Share of segment pre-tax income: 2021 Institutional Securities 11,814 / (11,814 + 6,181 + 1,678) = 11,814 / 19,673 = 60.1%; 2023 4,476 / 11,848 = 37.8%, Wealth and Investment Management 6,530 + 842 = 7,372 = 62.2%; 2025 Institutional Securities 11,237 / 22,008 = 51.1%, Wealth and Investment Management 10,771 / 22,008 = 48.9%; 2015 Wealth and Investment Management (3,332 + 492) / 8,495 = 45.0%. Q2 2026 Institutional Securities 4,262 / 7,348 = 58.0%; revenue 11,040 / 7,643 - 1 = 44%. Institutional Securities pre-tax margins: 2015 4,671 / 17,953 = 26.0%; 2021 11,814 / 29,833 = 39.6%; 2022 6,715 / 24,393 = 27.5%; 2023 4,476 / 23,060 = 19.4%; 2024 8,749 / 28,080 = 31.2%; 2025 11,237 / 33,080 = 34.0%; growth (33,080 / 17,953)^(1/10) - 1 = 6.3% a year. Equity 15,631 / 9,986 - 1 = 57% (2023-2025); 15,631 / 12,230 - 1 = 27.8% (2025); 15,631 / 70,645 = 22.1% of firm; 15,631 / 33,080 = 47.3% of segment. Fixed income 8,716 / 8,418 - 1 = 3.5%; 8,716 / 33,080 = 26.3% of segment. Equity underwriting 851 / 4,437 - 1 = -81% (2022). Investment Management margins: 2021 1,678 / 6,220 = 27.0%; 2023 842 / 5,370 = 15.7%; 2025 1,478 / 6,525 = 22.7%; fees 6,068 / 5,231 - 1 = 16% (2023-2025); Parametric 524 / 336 - 1 = 56%. Regions: Asia 9,420 / 6,434 - 1 = 46%; Asia 9,420 / 70,645 = 13.3% (2025); 6,434 / 54,143 = 11.9% (2023); Americas 52,897 / 70,645 = 74.9% (2025); Q2 2026 Americas 15,046 / 21,348 = 70.5%, Asia 3,930 / 21,348 = 18.4%. Capital and valuation: CET1 excess 14.8% - 11.8% = 3.0 points (June 2026). Goodwill and intangibles 16,726 + 6,010 = 22,736. Acquisitions 11.9 + 8.7 = 20.6 billion. Compensation 29,216 / 48,342 = 60.4% of non-interest expenses; 29,216 / 26,178 - 1 = 11.6%. Dividends per share 3.85 / 0.55 = 7.0 times. Payout 2025 (6,147 + 4,585) / 16,249 = 66%. Buyback price 197.64 / 85.35 = 2.3 times. Total assets 1,675,057 / 1,215,071 - 1 = 37.9% (end-2024 to June 2026); common equity 106,579 / 94,761 - 1 = 12.5%. MUFG stake 380,010,887 shares x $196.31 = about $74.6 billion. Trailing twelve months to June 2026: net revenues 70,645 - 34,531 + 41,928 = 78,042; net income 16,861 - 7,854 + 11,148 = 20,155; diluted EPS 10.21 - 4.73 + 6.90 = 12.38. P/E = market value / net income: 2023 153.05 / 9.087 = 16.8; 2024 202.54 / 13.390 = 15.1; 2025 282.15 / 16.861 = 16.7; September 2026 308.32 / 20.155 = 15.3; price to sales 308.32 / 78.042 = 3.95. Revenue growth (70,645 / 35,155)^(1/10) - 1 = 7.2% a year. Wealth Management 2025: revenue 31,754 / 28,420 - 1 = 11.7%, pre-tax income 9,293 / 7,740 - 1 = 20.1%; bank loans 181 / 160 - 1 = 13.1%, deposits 408 / 370 - 1 = 10.3%; stock plan unvested 658 / 534 - 1 = 23% (six months). Investment banking 7,619 / 10,272 - 1 = -26% (2025 vs 2021). Tangible book value per share 50.00 / 44.57 - 1 = 12.2%. Non-compensation expenses 19,126 / 17,723 - 1 = 7.9%; net revenues 70,645 / 61,761 - 1 = 14.4%. Revenue per employee 70,645 / 83,000 = about 0.85 million. Vanguard, BlackRock and State Street 6.9% + 5.7% + 7.2% = 19.8% of the stock. Diluted EPS growth (10.21 / 2.90)^(1/10) - 1 = 13.4% a year. Q2 2026 Institutional Securities share of segment revenue 11,040 / (11,040 + 8,856 + 1,646) = 11,040 / 21,542 = 51.2%. First half 2026: Institutional Securities pre-tax income 8,423 / 5,392 - 1 = 56%, share of firm pre-tax income 8,423 / 14,359 = 58.7% (H1 2025 5,392 / 10,166 = 53.0%); Wealth Management pre-tax income 5,288 / 4,151 - 1 = 27%. Q2 2026 Wealth Management revenue 8,856 / 7,764 - 1 = 14%; asset management revenue 5,261 / 4,411 - 1 = 19%; firm revenue 21,348 / 16,792 - 1 = 27%; headcount 82,944 / 80,393 - 1 = 3.2%. Investment Management pre-tax income (1,478 - 870) / 8,700 = 7.0% of the Eaton Vance price. Net income 16,861 / 6,127 - 1 = 175%; shareholders equity 111,632 / 75,182 - 1 = 48%. Self-directed plus stock plan unvested assets June 2026 1,811 + 658 = 2,469 billion. Average diluted shares 1,592 / 1,646 - 1 = -3.3%. Total client assets 9,276 / 7,860 - 1 = 18%. Market value 308.32 / 153.05 = 2.0 times (end-2023 to September 2026). 2023 charges 249 + 353 + 293 = 895. Net income 9,087 / 15,034 - 1 = -40% (2021-2023). Borrowings 348,935 / 288,819 - 1 = 21%. Loans to deposits 289,038 / 415,523 = 70%. Compensation 29,216 / 70,645 = 41% of net revenues (2025). Net new assets 2025 quarterly average 356.3 / 4 = 89.1 billion. Forecast extrapolation: 2026 revenue 41,928 x 2 = 83,856; 2026 EPS 196.31 / 15.14 = 12.97; 2027 83.9 x 1.072 = 89.9 and 12.97 x 1.072 = 13.90; 2028 96.4 and 14.90 - segment and regional shares, margins and growth. — 2015-2026 · publ. September 2026 · source ↗
    Method: Arithmetic on figures reported in Morgan Stanley's Forms 10-K and 10-Q, earnings releases and financial supplements, the 2026 proxy statement and market data; operands shown in the source line.
  6. Moat Explorer calcWealth and Investment Management were about 49% of segment revenue in 2015 and about 54% in 2025; in 2023, a weak year for trading, they reached about 58%.
    Moat Explorer calculation from Morgan Stanley's reported figures ($ millions unless stated). Wealth Management: asset management revenue share 18,627 / 31,754 = 58.7%; net interest income share 7,911 / 31,754 = 24.9%. Client assets change 2025: 7,381 - 6,194 = 1,187 billion; net new assets 356.3 / 1,187 = 30%, so market and other changes 830.7 billion, about 70%. Fee-based share of advisor-led assets 2,347 / 4,758 = 49.3% (2024); 2,753 / 5,715 = 48.2% (2025); 3,022 / 6,273 = 48.2% (June 2026). Transactional revenue 2,473 / 4,259 - 1 = -42% (2022). Wealth Management pre-tax margins: 2015 3,332 / 15,100 = 22.1%; 2020 4,387 / 19,086 = 23.0%; 2021 6,181 / 24,243 = 25.5%; 2022 6,583 / 24,417 = 27.0%; 2023 6,530 / 26,268 = 24.9%; 2024 7,740 / 28,420 = 27.2%; 2025 9,293 / 31,754 = 29.3%. Wealth Management revenue growth (31,754 / 15,100)^(1/10) - 1 = 7.7% a year. Self-directed assets 1,667 / 1,437 - 1 = 16%; households 8.5 / 8.3 - 1 = 2.4%; daily average revenue trades 1,029 / 837 - 1 = 23% (2025) and 1,278 / 1,029 - 1 = 24% (Q2 2026); 1,278 / 759 = 1.68 since 2023. Wealth Management bank loans 181 / 146 - 1 = 24% (2022-2025). Balance sheet 2025: loans 289,038 / 246,814 - 1 = 17.1%; deposits 415,523 / 376,007 - 1 = 10.5%; borrowings 348,935 / 288,819 - 1 = 20.8%. Firm loans June 2026 315,653 / 289,038 - 1 = 9.2%; 315,653 / 246,814 - 1 = 28% since end-2024. Uninsured deposits 84,201 / 415,523 = 20.3%. Net new assets Q2 2026 excluding IPO-related inflows: just over half of 148.1 billion was IPO-related, so the rest is below 148.1 / 2 = 74.05 billion. Segments: sum of segment net revenues 2025 33,080 + 31,754 + 6,525 = 71,359, less firm net revenues 70,645 = 714 of eliminations; eliminations as reported each year 2015 213, 2016 290, 2017 290, 2018 463, 2019 467, 2020 539, 2021 541, 2022 517, 2023 555, 2024 600, 2025 714. Wealth and Investment Management share of segment revenue: 2015 (15,100 + 2,315) / 35,368 = 49.2%; 2023 (26,268 + 5,370) / 54,698 = 57.8%; 2025 (31,754 + 6,525) / 71,359 = 53.6%. Institutional Securities share of segment revenue 2025 33,080 / 71,359 = 46.4%. Share of firm pre-tax income 2025: Institutional Securities 11,237 / 21,954 = 51.2%; Wealth Management 9,293 / 21,954 = 42.3%; Investment Management 1,478 / 21,954 = 6.7%. Share of segment pre-tax income: 2021 Institutional Securities 11,814 / (11,814 + 6,181 + 1,678) = 11,814 / 19,673 = 60.1%; 2023 4,476 / 11,848 = 37.8%, Wealth and Investment Management 6,530 + 842 = 7,372 = 62.2%; 2025 Institutional Securities 11,237 / 22,008 = 51.1%, Wealth and Investment Management 10,771 / 22,008 = 48.9%; 2015 Wealth and Investment Management (3,332 + 492) / 8,495 = 45.0%. Q2 2026 Institutional Securities 4,262 / 7,348 = 58.0%; revenue 11,040 / 7,643 - 1 = 44%. Institutional Securities pre-tax margins: 2015 4,671 / 17,953 = 26.0%; 2021 11,814 / 29,833 = 39.6%; 2022 6,715 / 24,393 = 27.5%; 2023 4,476 / 23,060 = 19.4%; 2024 8,749 / 28,080 = 31.2%; 2025 11,237 / 33,080 = 34.0%; growth (33,080 / 17,953)^(1/10) - 1 = 6.3% a year. Equity 15,631 / 9,986 - 1 = 57% (2023-2025); 15,631 / 12,230 - 1 = 27.8% (2025); 15,631 / 70,645 = 22.1% of firm; 15,631 / 33,080 = 47.3% of segment. Fixed income 8,716 / 8,418 - 1 = 3.5%; 8,716 / 33,080 = 26.3% of segment. Equity underwriting 851 / 4,437 - 1 = -81% (2022). Investment Management margins: 2021 1,678 / 6,220 = 27.0%; 2023 842 / 5,370 = 15.7%; 2025 1,478 / 6,525 = 22.7%; fees 6,068 / 5,231 - 1 = 16% (2023-2025); Parametric 524 / 336 - 1 = 56%. Regions: Asia 9,420 / 6,434 - 1 = 46%; Asia 9,420 / 70,645 = 13.3% (2025); 6,434 / 54,143 = 11.9% (2023); Americas 52,897 / 70,645 = 74.9% (2025); Q2 2026 Americas 15,046 / 21,348 = 70.5%, Asia 3,930 / 21,348 = 18.4%. Capital and valuation: CET1 excess 14.8% - 11.8% = 3.0 points (June 2026). Goodwill and intangibles 16,726 + 6,010 = 22,736. Acquisitions 11.9 + 8.7 = 20.6 billion. Compensation 29,216 / 48,342 = 60.4% of non-interest expenses; 29,216 / 26,178 - 1 = 11.6%. Dividends per share 3.85 / 0.55 = 7.0 times. Payout 2025 (6,147 + 4,585) / 16,249 = 66%. Buyback price 197.64 / 85.35 = 2.3 times. Total assets 1,675,057 / 1,215,071 - 1 = 37.9% (end-2024 to June 2026); common equity 106,579 / 94,761 - 1 = 12.5%. MUFG stake 380,010,887 shares x $196.31 = about $74.6 billion. Trailing twelve months to June 2026: net revenues 70,645 - 34,531 + 41,928 = 78,042; net income 16,861 - 7,854 + 11,148 = 20,155; diluted EPS 10.21 - 4.73 + 6.90 = 12.38. P/E = market value / net income: 2023 153.05 / 9.087 = 16.8; 2024 202.54 / 13.390 = 15.1; 2025 282.15 / 16.861 = 16.7; September 2026 308.32 / 20.155 = 15.3; price to sales 308.32 / 78.042 = 3.95. Revenue growth (70,645 / 35,155)^(1/10) - 1 = 7.2% a year. Wealth Management 2025: revenue 31,754 / 28,420 - 1 = 11.7%, pre-tax income 9,293 / 7,740 - 1 = 20.1%; bank loans 181 / 160 - 1 = 13.1%, deposits 408 / 370 - 1 = 10.3%; stock plan unvested 658 / 534 - 1 = 23% (six months). Investment banking 7,619 / 10,272 - 1 = -26% (2025 vs 2021). Tangible book value per share 50.00 / 44.57 - 1 = 12.2%. Non-compensation expenses 19,126 / 17,723 - 1 = 7.9%; net revenues 70,645 / 61,761 - 1 = 14.4%. Revenue per employee 70,645 / 83,000 = about 0.85 million. Vanguard, BlackRock and State Street 6.9% + 5.7% + 7.2% = 19.8% of the stock. Diluted EPS growth (10.21 / 2.90)^(1/10) - 1 = 13.4% a year. Q2 2026 Institutional Securities share of segment revenue 11,040 / (11,040 + 8,856 + 1,646) = 11,040 / 21,542 = 51.2%. First half 2026: Institutional Securities pre-tax income 8,423 / 5,392 - 1 = 56%, share of firm pre-tax income 8,423 / 14,359 = 58.7% (H1 2025 5,392 / 10,166 = 53.0%); Wealth Management pre-tax income 5,288 / 4,151 - 1 = 27%. Q2 2026 Wealth Management revenue 8,856 / 7,764 - 1 = 14%; asset management revenue 5,261 / 4,411 - 1 = 19%; firm revenue 21,348 / 16,792 - 1 = 27%; headcount 82,944 / 80,393 - 1 = 3.2%. Investment Management pre-tax income (1,478 - 870) / 8,700 = 7.0% of the Eaton Vance price. Net income 16,861 / 6,127 - 1 = 175%; shareholders equity 111,632 / 75,182 - 1 = 48%. Self-directed plus stock plan unvested assets June 2026 1,811 + 658 = 2,469 billion. Average diluted shares 1,592 / 1,646 - 1 = -3.3%. Total client assets 9,276 / 7,860 - 1 = 18%. Market value 308.32 / 153.05 = 2.0 times (end-2023 to September 2026). 2023 charges 249 + 353 + 293 = 895. Net income 9,087 / 15,034 - 1 = -40% (2021-2023). Borrowings 348,935 / 288,819 - 1 = 21%. Loans to deposits 289,038 / 415,523 = 70%. Compensation 29,216 / 70,645 = 41% of net revenues (2025). Net new assets 2025 quarterly average 356.3 / 4 = 89.1 billion. Forecast extrapolation: 2026 revenue 41,928 x 2 = 83,856; 2026 EPS 196.31 / 15.14 = 12.97; 2027 83.9 x 1.072 = 89.9 and 12.97 x 1.072 = 13.90; 2028 96.4 and 14.90 - Wealth Management shares, margins, flows and the balance sheet. — 2015-2026 · publ. September 2026 · source ↗
    Method: Arithmetic on figures reported in Morgan Stanley's Forms 10-K and 10-Q, earnings releases and financial supplements, the 2026 proxy statement and market data; operands shown in the source line.
  7. Moat Explorer calcWealth and Investment Management were about 49% of segment revenue in 2015 and about 54% in 2025; in 2023, a weak year for trading, they reached about 58%.
    Moat Explorer calculation from Morgan Stanley's reported figures ($ millions unless stated). Wealth Management: asset management revenue share 18,627 / 31,754 = 58.7%; net interest income share 7,911 / 31,754 = 24.9%. Client assets change 2025: 7,381 - 6,194 = 1,187 billion; net new assets 356.3 / 1,187 = 30%, so market and other changes 830.7 billion, about 70%. Fee-based share of advisor-led assets 2,347 / 4,758 = 49.3% (2024); 2,753 / 5,715 = 48.2% (2025); 3,022 / 6,273 = 48.2% (June 2026). Transactional revenue 2,473 / 4,259 - 1 = -42% (2022). Wealth Management pre-tax margins: 2015 3,332 / 15,100 = 22.1%; 2020 4,387 / 19,086 = 23.0%; 2021 6,181 / 24,243 = 25.5%; 2022 6,583 / 24,417 = 27.0%; 2023 6,530 / 26,268 = 24.9%; 2024 7,740 / 28,420 = 27.2%; 2025 9,293 / 31,754 = 29.3%. Wealth Management revenue growth (31,754 / 15,100)^(1/10) - 1 = 7.7% a year. Self-directed assets 1,667 / 1,437 - 1 = 16%; households 8.5 / 8.3 - 1 = 2.4%; daily average revenue trades 1,029 / 837 - 1 = 23% (2025) and 1,278 / 1,029 - 1 = 24% (Q2 2026); 1,278 / 759 = 1.68 since 2023. Wealth Management bank loans 181 / 146 - 1 = 24% (2022-2025). Balance sheet 2025: loans 289,038 / 246,814 - 1 = 17.1%; deposits 415,523 / 376,007 - 1 = 10.5%; borrowings 348,935 / 288,819 - 1 = 20.8%. Firm loans June 2026 315,653 / 289,038 - 1 = 9.2%; 315,653 / 246,814 - 1 = 28% since end-2024. Uninsured deposits 84,201 / 415,523 = 20.3%. Net new assets Q2 2026 excluding IPO-related inflows: just over half of 148.1 billion was IPO-related, so the rest is below 148.1 / 2 = 74.05 billion. Segments: sum of segment net revenues 2025 33,080 + 31,754 + 6,525 = 71,359, less firm net revenues 70,645 = 714 of eliminations; eliminations as reported each year 2015 213, 2016 290, 2017 290, 2018 463, 2019 467, 2020 539, 2021 541, 2022 517, 2023 555, 2024 600, 2025 714. Wealth and Investment Management share of segment revenue: 2015 (15,100 + 2,315) / 35,368 = 49.2%; 2023 (26,268 + 5,370) / 54,698 = 57.8%; 2025 (31,754 + 6,525) / 71,359 = 53.6%. Institutional Securities share of segment revenue 2025 33,080 / 71,359 = 46.4%. Share of firm pre-tax income 2025: Institutional Securities 11,237 / 21,954 = 51.2%; Wealth Management 9,293 / 21,954 = 42.3%; Investment Management 1,478 / 21,954 = 6.7%. Share of segment pre-tax income: 2021 Institutional Securities 11,814 / (11,814 + 6,181 + 1,678) = 11,814 / 19,673 = 60.1%; 2023 4,476 / 11,848 = 37.8%, Wealth and Investment Management 6,530 + 842 = 7,372 = 62.2%; 2025 Institutional Securities 11,237 / 22,008 = 51.1%, Wealth and Investment Management 10,771 / 22,008 = 48.9%; 2015 Wealth and Investment Management (3,332 + 492) / 8,495 = 45.0%. Q2 2026 Institutional Securities 4,262 / 7,348 = 58.0%; revenue 11,040 / 7,643 - 1 = 44%. Institutional Securities pre-tax margins: 2015 4,671 / 17,953 = 26.0%; 2021 11,814 / 29,833 = 39.6%; 2022 6,715 / 24,393 = 27.5%; 2023 4,476 / 23,060 = 19.4%; 2024 8,749 / 28,080 = 31.2%; 2025 11,237 / 33,080 = 34.0%; growth (33,080 / 17,953)^(1/10) - 1 = 6.3% a year. Equity 15,631 / 9,986 - 1 = 57% (2023-2025); 15,631 / 12,230 - 1 = 27.8% (2025); 15,631 / 70,645 = 22.1% of firm; 15,631 / 33,080 = 47.3% of segment. Fixed income 8,716 / 8,418 - 1 = 3.5%; 8,716 / 33,080 = 26.3% of segment. Equity underwriting 851 / 4,437 - 1 = -81% (2022). Investment Management margins: 2021 1,678 / 6,220 = 27.0%; 2023 842 / 5,370 = 15.7%; 2025 1,478 / 6,525 = 22.7%; fees 6,068 / 5,231 - 1 = 16% (2023-2025); Parametric 524 / 336 - 1 = 56%. Regions: Asia 9,420 / 6,434 - 1 = 46%; Asia 9,420 / 70,645 = 13.3% (2025); 6,434 / 54,143 = 11.9% (2023); Americas 52,897 / 70,645 = 74.9% (2025); Q2 2026 Americas 15,046 / 21,348 = 70.5%, Asia 3,930 / 21,348 = 18.4%. Capital and valuation: CET1 excess 14.8% - 11.8% = 3.0 points (June 2026). Goodwill and intangibles 16,726 + 6,010 = 22,736. Acquisitions 11.9 + 8.7 = 20.6 billion. Compensation 29,216 / 48,342 = 60.4% of non-interest expenses; 29,216 / 26,178 - 1 = 11.6%. Dividends per share 3.85 / 0.55 = 7.0 times. Payout 2025 (6,147 + 4,585) / 16,249 = 66%. Buyback price 197.64 / 85.35 = 2.3 times. Total assets 1,675,057 / 1,215,071 - 1 = 37.9% (end-2024 to June 2026); common equity 106,579 / 94,761 - 1 = 12.5%. MUFG stake 380,010,887 shares x $196.31 = about $74.6 billion. Trailing twelve months to June 2026: net revenues 70,645 - 34,531 + 41,928 = 78,042; net income 16,861 - 7,854 + 11,148 = 20,155; diluted EPS 10.21 - 4.73 + 6.90 = 12.38. P/E = market value / net income: 2023 153.05 / 9.087 = 16.8; 2024 202.54 / 13.390 = 15.1; 2025 282.15 / 16.861 = 16.7; September 2026 308.32 / 20.155 = 15.3; price to sales 308.32 / 78.042 = 3.95. Revenue growth (70,645 / 35,155)^(1/10) - 1 = 7.2% a year. Wealth Management 2025: revenue 31,754 / 28,420 - 1 = 11.7%, pre-tax income 9,293 / 7,740 - 1 = 20.1%; bank loans 181 / 160 - 1 = 13.1%, deposits 408 / 370 - 1 = 10.3%; stock plan unvested 658 / 534 - 1 = 23% (six months). Investment banking 7,619 / 10,272 - 1 = -26% (2025 vs 2021). Tangible book value per share 50.00 / 44.57 - 1 = 12.2%. Non-compensation expenses 19,126 / 17,723 - 1 = 7.9%; net revenues 70,645 / 61,761 - 1 = 14.4%. Revenue per employee 70,645 / 83,000 = about 0.85 million. Vanguard, BlackRock and State Street 6.9% + 5.7% + 7.2% = 19.8% of the stock. Diluted EPS growth (10.21 / 2.90)^(1/10) - 1 = 13.4% a year. Q2 2026 Institutional Securities share of segment revenue 11,040 / (11,040 + 8,856 + 1,646) = 11,040 / 21,542 = 51.2%. First half 2026: Institutional Securities pre-tax income 8,423 / 5,392 - 1 = 56%, share of firm pre-tax income 8,423 / 14,359 = 58.7% (H1 2025 5,392 / 10,166 = 53.0%); Wealth Management pre-tax income 5,288 / 4,151 - 1 = 27%. Q2 2026 Wealth Management revenue 8,856 / 7,764 - 1 = 14%; asset management revenue 5,261 / 4,411 - 1 = 19%; firm revenue 21,348 / 16,792 - 1 = 27%; headcount 82,944 / 80,393 - 1 = 3.2%. Investment Management pre-tax income (1,478 - 870) / 8,700 = 7.0% of the Eaton Vance price. Net income 16,861 / 6,127 - 1 = 175%; shareholders equity 111,632 / 75,182 - 1 = 48%. Self-directed plus stock plan unvested assets June 2026 1,811 + 658 = 2,469 billion. Average diluted shares 1,592 / 1,646 - 1 = -3.3%. Total client assets 9,276 / 7,860 - 1 = 18%. Market value 308.32 / 153.05 = 2.0 times (end-2023 to September 2026). 2023 charges 249 + 353 + 293 = 895. Net income 9,087 / 15,034 - 1 = -40% (2021-2023). Borrowings 348,935 / 288,819 - 1 = 21%. Loans to deposits 289,038 / 415,523 = 70%. Compensation 29,216 / 70,645 = 41% of net revenues (2025). Net new assets 2025 quarterly average 356.3 / 4 = 89.1 billion. Forecast extrapolation: 2026 revenue 41,928 x 2 = 83,856; 2026 EPS 196.31 / 15.14 = 12.97; 2027 83.9 x 1.072 = 89.9 and 12.97 x 1.072 = 13.90; 2028 96.4 and 14.90 - Wealth Management shares, margins, flows and the balance sheet. — 2015-2026 · publ. September 2026 · source ↗
    Method: Arithmetic on figures reported in Morgan Stanley's Forms 10-K and 10-Q, earnings releases and financial supplements, the 2026 proxy statement and market data; operands shown in the source line.
  8. Moat Explorer calcIn 2025 Institutional Securities earned about 51% of the firm's pre-tax income, Wealth Management about 42% and Investment Management about 7%.
    Moat Explorer calculation from Morgan Stanley's reported figures ($ millions unless stated). Wealth Management: asset management revenue share 18,627 / 31,754 = 58.7%; net interest income share 7,911 / 31,754 = 24.9%. Client assets change 2025: 7,381 - 6,194 = 1,187 billion; net new assets 356.3 / 1,187 = 30%, so market and other changes 830.7 billion, about 70%. Fee-based share of advisor-led assets 2,347 / 4,758 = 49.3% (2024); 2,753 / 5,715 = 48.2% (2025); 3,022 / 6,273 = 48.2% (June 2026). Transactional revenue 2,473 / 4,259 - 1 = -42% (2022). Wealth Management pre-tax margins: 2015 3,332 / 15,100 = 22.1%; 2020 4,387 / 19,086 = 23.0%; 2021 6,181 / 24,243 = 25.5%; 2022 6,583 / 24,417 = 27.0%; 2023 6,530 / 26,268 = 24.9%; 2024 7,740 / 28,420 = 27.2%; 2025 9,293 / 31,754 = 29.3%. Wealth Management revenue growth (31,754 / 15,100)^(1/10) - 1 = 7.7% a year. Self-directed assets 1,667 / 1,437 - 1 = 16%; households 8.5 / 8.3 - 1 = 2.4%; daily average revenue trades 1,029 / 837 - 1 = 23% (2025) and 1,278 / 1,029 - 1 = 24% (Q2 2026); 1,278 / 759 = 1.68 since 2023. Wealth Management bank loans 181 / 146 - 1 = 24% (2022-2025). Balance sheet 2025: loans 289,038 / 246,814 - 1 = 17.1%; deposits 415,523 / 376,007 - 1 = 10.5%; borrowings 348,935 / 288,819 - 1 = 20.8%. Firm loans June 2026 315,653 / 289,038 - 1 = 9.2%; 315,653 / 246,814 - 1 = 28% since end-2024. Uninsured deposits 84,201 / 415,523 = 20.3%. Net new assets Q2 2026 excluding IPO-related inflows: just over half of 148.1 billion was IPO-related, so the rest is below 148.1 / 2 = 74.05 billion. Segments: sum of segment net revenues 2025 33,080 + 31,754 + 6,525 = 71,359, less firm net revenues 70,645 = 714 of eliminations; eliminations as reported each year 2015 213, 2016 290, 2017 290, 2018 463, 2019 467, 2020 539, 2021 541, 2022 517, 2023 555, 2024 600, 2025 714. Wealth and Investment Management share of segment revenue: 2015 (15,100 + 2,315) / 35,368 = 49.2%; 2023 (26,268 + 5,370) / 54,698 = 57.8%; 2025 (31,754 + 6,525) / 71,359 = 53.6%. Institutional Securities share of segment revenue 2025 33,080 / 71,359 = 46.4%. Share of firm pre-tax income 2025: Institutional Securities 11,237 / 21,954 = 51.2%; Wealth Management 9,293 / 21,954 = 42.3%; Investment Management 1,478 / 21,954 = 6.7%. Share of segment pre-tax income: 2021 Institutional Securities 11,814 / (11,814 + 6,181 + 1,678) = 11,814 / 19,673 = 60.1%; 2023 4,476 / 11,848 = 37.8%, Wealth and Investment Management 6,530 + 842 = 7,372 = 62.2%; 2025 Institutional Securities 11,237 / 22,008 = 51.1%, Wealth and Investment Management 10,771 / 22,008 = 48.9%; 2015 Wealth and Investment Management (3,332 + 492) / 8,495 = 45.0%. Q2 2026 Institutional Securities 4,262 / 7,348 = 58.0%; revenue 11,040 / 7,643 - 1 = 44%. Institutional Securities pre-tax margins: 2015 4,671 / 17,953 = 26.0%; 2021 11,814 / 29,833 = 39.6%; 2022 6,715 / 24,393 = 27.5%; 2023 4,476 / 23,060 = 19.4%; 2024 8,749 / 28,080 = 31.2%; 2025 11,237 / 33,080 = 34.0%; growth (33,080 / 17,953)^(1/10) - 1 = 6.3% a year. Equity 15,631 / 9,986 - 1 = 57% (2023-2025); 15,631 / 12,230 - 1 = 27.8% (2025); 15,631 / 70,645 = 22.1% of firm; 15,631 / 33,080 = 47.3% of segment. Fixed income 8,716 / 8,418 - 1 = 3.5%; 8,716 / 33,080 = 26.3% of segment. Equity underwriting 851 / 4,437 - 1 = -81% (2022). Investment Management margins: 2021 1,678 / 6,220 = 27.0%; 2023 842 / 5,370 = 15.7%; 2025 1,478 / 6,525 = 22.7%; fees 6,068 / 5,231 - 1 = 16% (2023-2025); Parametric 524 / 336 - 1 = 56%. Regions: Asia 9,420 / 6,434 - 1 = 46%; Asia 9,420 / 70,645 = 13.3% (2025); 6,434 / 54,143 = 11.9% (2023); Americas 52,897 / 70,645 = 74.9% (2025); Q2 2026 Americas 15,046 / 21,348 = 70.5%, Asia 3,930 / 21,348 = 18.4%. Capital and valuation: CET1 excess 14.8% - 11.8% = 3.0 points (June 2026). Goodwill and intangibles 16,726 + 6,010 = 22,736. Acquisitions 11.9 + 8.7 = 20.6 billion. Compensation 29,216 / 48,342 = 60.4% of non-interest expenses; 29,216 / 26,178 - 1 = 11.6%. Dividends per share 3.85 / 0.55 = 7.0 times. Payout 2025 (6,147 + 4,585) / 16,249 = 66%. Buyback price 197.64 / 85.35 = 2.3 times. Total assets 1,675,057 / 1,215,071 - 1 = 37.9% (end-2024 to June 2026); common equity 106,579 / 94,761 - 1 = 12.5%. MUFG stake 380,010,887 shares x $196.31 = about $74.6 billion. Trailing twelve months to June 2026: net revenues 70,645 - 34,531 + 41,928 = 78,042; net income 16,861 - 7,854 + 11,148 = 20,155; diluted EPS 10.21 - 4.73 + 6.90 = 12.38. P/E = market value / net income: 2023 153.05 / 9.087 = 16.8; 2024 202.54 / 13.390 = 15.1; 2025 282.15 / 16.861 = 16.7; September 2026 308.32 / 20.155 = 15.3; price to sales 308.32 / 78.042 = 3.95. Revenue growth (70,645 / 35,155)^(1/10) - 1 = 7.2% a year. Wealth Management 2025: revenue 31,754 / 28,420 - 1 = 11.7%, pre-tax income 9,293 / 7,740 - 1 = 20.1%; bank loans 181 / 160 - 1 = 13.1%, deposits 408 / 370 - 1 = 10.3%; stock plan unvested 658 / 534 - 1 = 23% (six months). Investment banking 7,619 / 10,272 - 1 = -26% (2025 vs 2021). Tangible book value per share 50.00 / 44.57 - 1 = 12.2%. Non-compensation expenses 19,126 / 17,723 - 1 = 7.9%; net revenues 70,645 / 61,761 - 1 = 14.4%. Revenue per employee 70,645 / 83,000 = about 0.85 million. Vanguard, BlackRock and State Street 6.9% + 5.7% + 7.2% = 19.8% of the stock. Diluted EPS growth (10.21 / 2.90)^(1/10) - 1 = 13.4% a year. Q2 2026 Institutional Securities share of segment revenue 11,040 / (11,040 + 8,856 + 1,646) = 11,040 / 21,542 = 51.2%. First half 2026: Institutional Securities pre-tax income 8,423 / 5,392 - 1 = 56%, share of firm pre-tax income 8,423 / 14,359 = 58.7% (H1 2025 5,392 / 10,166 = 53.0%); Wealth Management pre-tax income 5,288 / 4,151 - 1 = 27%. Q2 2026 Wealth Management revenue 8,856 / 7,764 - 1 = 14%; asset management revenue 5,261 / 4,411 - 1 = 19%; firm revenue 21,348 / 16,792 - 1 = 27%; headcount 82,944 / 80,393 - 1 = 3.2%. Investment Management pre-tax income (1,478 - 870) / 8,700 = 7.0% of the Eaton Vance price. Net income 16,861 / 6,127 - 1 = 175%; shareholders equity 111,632 / 75,182 - 1 = 48%. Self-directed plus stock plan unvested assets June 2026 1,811 + 658 = 2,469 billion. Average diluted shares 1,592 / 1,646 - 1 = -3.3%. Total client assets 9,276 / 7,860 - 1 = 18%. Market value 308.32 / 153.05 = 2.0 times (end-2023 to September 2026). 2023 charges 249 + 353 + 293 = 895. Net income 9,087 / 15,034 - 1 = -40% (2021-2023). Borrowings 348,935 / 288,819 - 1 = 21%. Loans to deposits 289,038 / 415,523 = 70%. Compensation 29,216 / 70,645 = 41% of net revenues (2025). Net new assets 2025 quarterly average 356.3 / 4 = 89.1 billion. Forecast extrapolation: 2026 revenue 41,928 x 2 = 83,856; 2026 EPS 196.31 / 15.14 = 12.97; 2027 83.9 x 1.072 = 89.9 and 12.97 x 1.072 = 13.90; 2028 96.4 and 14.90 - Wealth Management shares, margins, flows and the balance sheet. — 2015-2026 · publ. September 2026 · source ↗
    Method: Arithmetic on figures reported in Morgan Stanley's Forms 10-K and 10-Q, earnings releases and financial supplements, the 2026 proxy statement and market data; operands shown in the source line.
  9. ReportedPre-tax margins were 34%, 29% and 23%.
    Morgan Stanley Form 10-K for fiscal 2025 - financial highlights, income statement, balance sheet and business description. — FY2025 · publ. 19 February 2026 · source ↗
  10. ReportedInstitutional Securities earned $8,650 million in 2025, Wealth Management $7,130 million and Investment Management $1,122 million.
    Morgan Stanley Form 10-K for fiscal 2025 - segment results, revenue lines and regional net revenues. — FY2025 · publ. 19 February 2026 · source ↗
  11. ReportedTwo years earlier the order was reversed at the top: Wealth Management earned $5,022 million and Institutional Securities $3,453 million.
    Morgan Stanley Form 10-K for fiscal 2025 - segment results, revenue lines and regional net revenues. — FY2025 · publ. 19 February 2026 · source ↗
  12. ReportedPre-tax margins were 19% in Institutional Securities, 25% in Wealth Management and 16% in Investment Management in 2023, and 34%, 29% and 23% in 2025.
    Morgan Stanley Form 10-K for fiscal 2025 - segment results, revenue lines and regional net revenues. — FY2025 · publ. 19 February 2026 · source ↗
  13. Moat Explorer calcIn the second quarter of 2026 Institutional Securities was about 51% of segment revenue, above its full-year 2025 share, because trading had the stronger quarter.
    Moat Explorer calculation from Morgan Stanley's reported figures ($ millions unless stated). Wealth Management: asset management revenue share 18,627 / 31,754 = 58.7%; net interest income share 7,911 / 31,754 = 24.9%. Client assets change 2025: 7,381 - 6,194 = 1,187 billion; net new assets 356.3 / 1,187 = 30%, so market and other changes 830.7 billion, about 70%. Fee-based share of advisor-led assets 2,347 / 4,758 = 49.3% (2024); 2,753 / 5,715 = 48.2% (2025); 3,022 / 6,273 = 48.2% (June 2026). Transactional revenue 2,473 / 4,259 - 1 = -42% (2022). Wealth Management pre-tax margins: 2015 3,332 / 15,100 = 22.1%; 2020 4,387 / 19,086 = 23.0%; 2021 6,181 / 24,243 = 25.5%; 2022 6,583 / 24,417 = 27.0%; 2023 6,530 / 26,268 = 24.9%; 2024 7,740 / 28,420 = 27.2%; 2025 9,293 / 31,754 = 29.3%. Wealth Management revenue growth (31,754 / 15,100)^(1/10) - 1 = 7.7% a year. Self-directed assets 1,667 / 1,437 - 1 = 16%; households 8.5 / 8.3 - 1 = 2.4%; daily average revenue trades 1,029 / 837 - 1 = 23% (2025) and 1,278 / 1,029 - 1 = 24% (Q2 2026); 1,278 / 759 = 1.68 since 2023. Wealth Management bank loans 181 / 146 - 1 = 24% (2022-2025). Balance sheet 2025: loans 289,038 / 246,814 - 1 = 17.1%; deposits 415,523 / 376,007 - 1 = 10.5%; borrowings 348,935 / 288,819 - 1 = 20.8%. Firm loans June 2026 315,653 / 289,038 - 1 = 9.2%; 315,653 / 246,814 - 1 = 28% since end-2024. Uninsured deposits 84,201 / 415,523 = 20.3%. Net new assets Q2 2026 excluding IPO-related inflows: just over half of 148.1 billion was IPO-related, so the rest is below 148.1 / 2 = 74.05 billion. Segments: sum of segment net revenues 2025 33,080 + 31,754 + 6,525 = 71,359, less firm net revenues 70,645 = 714 of eliminations; eliminations as reported each year 2015 213, 2016 290, 2017 290, 2018 463, 2019 467, 2020 539, 2021 541, 2022 517, 2023 555, 2024 600, 2025 714. Wealth and Investment Management share of segment revenue: 2015 (15,100 + 2,315) / 35,368 = 49.2%; 2023 (26,268 + 5,370) / 54,698 = 57.8%; 2025 (31,754 + 6,525) / 71,359 = 53.6%. Institutional Securities share of segment revenue 2025 33,080 / 71,359 = 46.4%. Share of firm pre-tax income 2025: Institutional Securities 11,237 / 21,954 = 51.2%; Wealth Management 9,293 / 21,954 = 42.3%; Investment Management 1,478 / 21,954 = 6.7%. Share of segment pre-tax income: 2021 Institutional Securities 11,814 / (11,814 + 6,181 + 1,678) = 11,814 / 19,673 = 60.1%; 2023 4,476 / 11,848 = 37.8%, Wealth and Investment Management 6,530 + 842 = 7,372 = 62.2%; 2025 Institutional Securities 11,237 / 22,008 = 51.1%, Wealth and Investment Management 10,771 / 22,008 = 48.9%; 2015 Wealth and Investment Management (3,332 + 492) / 8,495 = 45.0%. Q2 2026 Institutional Securities 4,262 / 7,348 = 58.0%; revenue 11,040 / 7,643 - 1 = 44%. Institutional Securities pre-tax margins: 2015 4,671 / 17,953 = 26.0%; 2021 11,814 / 29,833 = 39.6%; 2022 6,715 / 24,393 = 27.5%; 2023 4,476 / 23,060 = 19.4%; 2024 8,749 / 28,080 = 31.2%; 2025 11,237 / 33,080 = 34.0%; growth (33,080 / 17,953)^(1/10) - 1 = 6.3% a year. Equity 15,631 / 9,986 - 1 = 57% (2023-2025); 15,631 / 12,230 - 1 = 27.8% (2025); 15,631 / 70,645 = 22.1% of firm; 15,631 / 33,080 = 47.3% of segment. Fixed income 8,716 / 8,418 - 1 = 3.5%; 8,716 / 33,080 = 26.3% of segment. Equity underwriting 851 / 4,437 - 1 = -81% (2022). Investment Management margins: 2021 1,678 / 6,220 = 27.0%; 2023 842 / 5,370 = 15.7%; 2025 1,478 / 6,525 = 22.7%; fees 6,068 / 5,231 - 1 = 16% (2023-2025); Parametric 524 / 336 - 1 = 56%. Regions: Asia 9,420 / 6,434 - 1 = 46%; Asia 9,420 / 70,645 = 13.3% (2025); 6,434 / 54,143 = 11.9% (2023); Americas 52,897 / 70,645 = 74.9% (2025); Q2 2026 Americas 15,046 / 21,348 = 70.5%, Asia 3,930 / 21,348 = 18.4%. Capital and valuation: CET1 excess 14.8% - 11.8% = 3.0 points (June 2026). Goodwill and intangibles 16,726 + 6,010 = 22,736. Acquisitions 11.9 + 8.7 = 20.6 billion. Compensation 29,216 / 48,342 = 60.4% of non-interest expenses; 29,216 / 26,178 - 1 = 11.6%. Dividends per share 3.85 / 0.55 = 7.0 times. Payout 2025 (6,147 + 4,585) / 16,249 = 66%. Buyback price 197.64 / 85.35 = 2.3 times. Total assets 1,675,057 / 1,215,071 - 1 = 37.9% (end-2024 to June 2026); common equity 106,579 / 94,761 - 1 = 12.5%. MUFG stake 380,010,887 shares x $196.31 = about $74.6 billion. Trailing twelve months to June 2026: net revenues 70,645 - 34,531 + 41,928 = 78,042; net income 16,861 - 7,854 + 11,148 = 20,155; diluted EPS 10.21 - 4.73 + 6.90 = 12.38. P/E = market value / net income: 2023 153.05 / 9.087 = 16.8; 2024 202.54 / 13.390 = 15.1; 2025 282.15 / 16.861 = 16.7; September 2026 308.32 / 20.155 = 15.3; price to sales 308.32 / 78.042 = 3.95. Revenue growth (70,645 / 35,155)^(1/10) - 1 = 7.2% a year. Wealth Management 2025: revenue 31,754 / 28,420 - 1 = 11.7%, pre-tax income 9,293 / 7,740 - 1 = 20.1%; bank loans 181 / 160 - 1 = 13.1%, deposits 408 / 370 - 1 = 10.3%; stock plan unvested 658 / 534 - 1 = 23% (six months). Investment banking 7,619 / 10,272 - 1 = -26% (2025 vs 2021). Tangible book value per share 50.00 / 44.57 - 1 = 12.2%. Non-compensation expenses 19,126 / 17,723 - 1 = 7.9%; net revenues 70,645 / 61,761 - 1 = 14.4%. Revenue per employee 70,645 / 83,000 = about 0.85 million. Vanguard, BlackRock and State Street 6.9% + 5.7% + 7.2% = 19.8% of the stock. Diluted EPS growth (10.21 / 2.90)^(1/10) - 1 = 13.4% a year. Q2 2026 Institutional Securities share of segment revenue 11,040 / (11,040 + 8,856 + 1,646) = 11,040 / 21,542 = 51.2%. First half 2026: Institutional Securities pre-tax income 8,423 / 5,392 - 1 = 56%, share of firm pre-tax income 8,423 / 14,359 = 58.7% (H1 2025 5,392 / 10,166 = 53.0%); Wealth Management pre-tax income 5,288 / 4,151 - 1 = 27%. Q2 2026 Wealth Management revenue 8,856 / 7,764 - 1 = 14%; asset management revenue 5,261 / 4,411 - 1 = 19%; firm revenue 21,348 / 16,792 - 1 = 27%; headcount 82,944 / 80,393 - 1 = 3.2%. Investment Management pre-tax income (1,478 - 870) / 8,700 = 7.0% of the Eaton Vance price. Net income 16,861 / 6,127 - 1 = 175%; shareholders equity 111,632 / 75,182 - 1 = 48%. Self-directed plus stock plan unvested assets June 2026 1,811 + 658 = 2,469 billion. Average diluted shares 1,592 / 1,646 - 1 = -3.3%. Total client assets 9,276 / 7,860 - 1 = 18%. Market value 308.32 / 153.05 = 2.0 times (end-2023 to September 2026). 2023 charges 249 + 353 + 293 = 895. Net income 9,087 / 15,034 - 1 = -40% (2021-2023). Borrowings 348,935 / 288,819 - 1 = 21%. Loans to deposits 289,038 / 415,523 = 70%. Compensation 29,216 / 70,645 = 41% of net revenues (2025). Net new assets 2025 quarterly average 356.3 / 4 = 89.1 billion. Forecast extrapolation: 2026 revenue 41,928 x 2 = 83,856; 2026 EPS 196.31 / 15.14 = 12.97; 2027 83.9 x 1.072 = 89.9 and 12.97 x 1.072 = 13.90; 2028 96.4 and 14.90 - segment and regional shares, margins and growth. — 2015-2026 · publ. September 2026 · source ↗
    Method: Arithmetic on figures reported in Morgan Stanley's Forms 10-K and 10-Q, earnings releases and financial supplements, the 2026 proxy statement and market data; operands shown in the source line.
  14. Moat Explorer calcIt was about 46% in 2025; a share rising above half in a strong market would mean the firm was leaning on its cyclical line again.
    Moat Explorer calculation from Morgan Stanley's reported figures ($ millions unless stated). Wealth Management: asset management revenue share 18,627 / 31,754 = 58.7%; net interest income share 7,911 / 31,754 = 24.9%. Client assets change 2025: 7,381 - 6,194 = 1,187 billion; net new assets 356.3 / 1,187 = 30%, so market and other changes 830.7 billion, about 70%. Fee-based share of advisor-led assets 2,347 / 4,758 = 49.3% (2024); 2,753 / 5,715 = 48.2% (2025); 3,022 / 6,273 = 48.2% (June 2026). Transactional revenue 2,473 / 4,259 - 1 = -42% (2022). Wealth Management pre-tax margins: 2015 3,332 / 15,100 = 22.1%; 2020 4,387 / 19,086 = 23.0%; 2021 6,181 / 24,243 = 25.5%; 2022 6,583 / 24,417 = 27.0%; 2023 6,530 / 26,268 = 24.9%; 2024 7,740 / 28,420 = 27.2%; 2025 9,293 / 31,754 = 29.3%. Wealth Management revenue growth (31,754 / 15,100)^(1/10) - 1 = 7.7% a year. Self-directed assets 1,667 / 1,437 - 1 = 16%; households 8.5 / 8.3 - 1 = 2.4%; daily average revenue trades 1,029 / 837 - 1 = 23% (2025) and 1,278 / 1,029 - 1 = 24% (Q2 2026); 1,278 / 759 = 1.68 since 2023. Wealth Management bank loans 181 / 146 - 1 = 24% (2022-2025). Balance sheet 2025: loans 289,038 / 246,814 - 1 = 17.1%; deposits 415,523 / 376,007 - 1 = 10.5%; borrowings 348,935 / 288,819 - 1 = 20.8%. Firm loans June 2026 315,653 / 289,038 - 1 = 9.2%; 315,653 / 246,814 - 1 = 28% since end-2024. Uninsured deposits 84,201 / 415,523 = 20.3%. Net new assets Q2 2026 excluding IPO-related inflows: just over half of 148.1 billion was IPO-related, so the rest is below 148.1 / 2 = 74.05 billion. Segments: sum of segment net revenues 2025 33,080 + 31,754 + 6,525 = 71,359, less firm net revenues 70,645 = 714 of eliminations; eliminations as reported each year 2015 213, 2016 290, 2017 290, 2018 463, 2019 467, 2020 539, 2021 541, 2022 517, 2023 555, 2024 600, 2025 714. Wealth and Investment Management share of segment revenue: 2015 (15,100 + 2,315) / 35,368 = 49.2%; 2023 (26,268 + 5,370) / 54,698 = 57.8%; 2025 (31,754 + 6,525) / 71,359 = 53.6%. Institutional Securities share of segment revenue 2025 33,080 / 71,359 = 46.4%. Share of firm pre-tax income 2025: Institutional Securities 11,237 / 21,954 = 51.2%; Wealth Management 9,293 / 21,954 = 42.3%; Investment Management 1,478 / 21,954 = 6.7%. Share of segment pre-tax income: 2021 Institutional Securities 11,814 / (11,814 + 6,181 + 1,678) = 11,814 / 19,673 = 60.1%; 2023 4,476 / 11,848 = 37.8%, Wealth and Investment Management 6,530 + 842 = 7,372 = 62.2%; 2025 Institutional Securities 11,237 / 22,008 = 51.1%, Wealth and Investment Management 10,771 / 22,008 = 48.9%; 2015 Wealth and Investment Management (3,332 + 492) / 8,495 = 45.0%. Q2 2026 Institutional Securities 4,262 / 7,348 = 58.0%; revenue 11,040 / 7,643 - 1 = 44%. Institutional Securities pre-tax margins: 2015 4,671 / 17,953 = 26.0%; 2021 11,814 / 29,833 = 39.6%; 2022 6,715 / 24,393 = 27.5%; 2023 4,476 / 23,060 = 19.4%; 2024 8,749 / 28,080 = 31.2%; 2025 11,237 / 33,080 = 34.0%; growth (33,080 / 17,953)^(1/10) - 1 = 6.3% a year. Equity 15,631 / 9,986 - 1 = 57% (2023-2025); 15,631 / 12,230 - 1 = 27.8% (2025); 15,631 / 70,645 = 22.1% of firm; 15,631 / 33,080 = 47.3% of segment. Fixed income 8,716 / 8,418 - 1 = 3.5%; 8,716 / 33,080 = 26.3% of segment. Equity underwriting 851 / 4,437 - 1 = -81% (2022). Investment Management margins: 2021 1,678 / 6,220 = 27.0%; 2023 842 / 5,370 = 15.7%; 2025 1,478 / 6,525 = 22.7%; fees 6,068 / 5,231 - 1 = 16% (2023-2025); Parametric 524 / 336 - 1 = 56%. Regions: Asia 9,420 / 6,434 - 1 = 46%; Asia 9,420 / 70,645 = 13.3% (2025); 6,434 / 54,143 = 11.9% (2023); Americas 52,897 / 70,645 = 74.9% (2025); Q2 2026 Americas 15,046 / 21,348 = 70.5%, Asia 3,930 / 21,348 = 18.4%. Capital and valuation: CET1 excess 14.8% - 11.8% = 3.0 points (June 2026). Goodwill and intangibles 16,726 + 6,010 = 22,736. Acquisitions 11.9 + 8.7 = 20.6 billion. Compensation 29,216 / 48,342 = 60.4% of non-interest expenses; 29,216 / 26,178 - 1 = 11.6%. Dividends per share 3.85 / 0.55 = 7.0 times. Payout 2025 (6,147 + 4,585) / 16,249 = 66%. Buyback price 197.64 / 85.35 = 2.3 times. Total assets 1,675,057 / 1,215,071 - 1 = 37.9% (end-2024 to June 2026); common equity 106,579 / 94,761 - 1 = 12.5%. MUFG stake 380,010,887 shares x $196.31 = about $74.6 billion. Trailing twelve months to June 2026: net revenues 70,645 - 34,531 + 41,928 = 78,042; net income 16,861 - 7,854 + 11,148 = 20,155; diluted EPS 10.21 - 4.73 + 6.90 = 12.38. P/E = market value / net income: 2023 153.05 / 9.087 = 16.8; 2024 202.54 / 13.390 = 15.1; 2025 282.15 / 16.861 = 16.7; September 2026 308.32 / 20.155 = 15.3; price to sales 308.32 / 78.042 = 3.95. Revenue growth (70,645 / 35,155)^(1/10) - 1 = 7.2% a year. Wealth Management 2025: revenue 31,754 / 28,420 - 1 = 11.7%, pre-tax income 9,293 / 7,740 - 1 = 20.1%; bank loans 181 / 160 - 1 = 13.1%, deposits 408 / 370 - 1 = 10.3%; stock plan unvested 658 / 534 - 1 = 23% (six months). Investment banking 7,619 / 10,272 - 1 = -26% (2025 vs 2021). Tangible book value per share 50.00 / 44.57 - 1 = 12.2%. Non-compensation expenses 19,126 / 17,723 - 1 = 7.9%; net revenues 70,645 / 61,761 - 1 = 14.4%. Revenue per employee 70,645 / 83,000 = about 0.85 million. Vanguard, BlackRock and State Street 6.9% + 5.7% + 7.2% = 19.8% of the stock. Diluted EPS growth (10.21 / 2.90)^(1/10) - 1 = 13.4% a year. Q2 2026 Institutional Securities share of segment revenue 11,040 / (11,040 + 8,856 + 1,646) = 11,040 / 21,542 = 51.2%. First half 2026: Institutional Securities pre-tax income 8,423 / 5,392 - 1 = 56%, share of firm pre-tax income 8,423 / 14,359 = 58.7% (H1 2025 5,392 / 10,166 = 53.0%); Wealth Management pre-tax income 5,288 / 4,151 - 1 = 27%. Q2 2026 Wealth Management revenue 8,856 / 7,764 - 1 = 14%; asset management revenue 5,261 / 4,411 - 1 = 19%; firm revenue 21,348 / 16,792 - 1 = 27%; headcount 82,944 / 80,393 - 1 = 3.2%. Investment Management pre-tax income (1,478 - 870) / 8,700 = 7.0% of the Eaton Vance price. Net income 16,861 / 6,127 - 1 = 175%; shareholders equity 111,632 / 75,182 - 1 = 48%. Self-directed plus stock plan unvested assets June 2026 1,811 + 658 = 2,469 billion. Average diluted shares 1,592 / 1,646 - 1 = -3.3%. Total client assets 9,276 / 7,860 - 1 = 18%. Market value 308.32 / 153.05 = 2.0 times (end-2023 to September 2026). 2023 charges 249 + 353 + 293 = 895. Net income 9,087 / 15,034 - 1 = -40% (2021-2023). Borrowings 348,935 / 288,819 - 1 = 21%. Loans to deposits 289,038 / 415,523 = 70%. Compensation 29,216 / 70,645 = 41% of net revenues (2025). Net new assets 2025 quarterly average 356.3 / 4 = 89.1 billion. Forecast extrapolation: 2026 revenue 41,928 x 2 = 83,856; 2026 EPS 196.31 / 15.14 = 12.97; 2027 83.9 x 1.072 = 89.9 and 12.97 x 1.072 = 13.90; 2028 96.4 and 14.90 - capital, valuation, payouts and trailing figures. — 2015-2026 · publ. September 2026 · source ↗
    Method: Arithmetic on figures reported in Morgan Stanley's Forms 10-K and 10-Q, earnings releases and financial supplements, the 2026 proxy statement and market data; operands shown in the source line.
Sources
Generated September 26, 2026